Michael Kay
Well-Known Member
I'm guessing that anyone that bought in the boom is holding on in the hopes of a rebound.
Crapto Collapse
- Thread starter Michael Kay
- Start date
The FTX debacle should mark a paradigm shift in the minds of crypto advocates and as a consequence a shift in the emphasis from cefi to defi. It's the sort of talk I'd rather see than the El Salvador/Tesla etc FOMO we've all read about previously.
Regarding BNB, I have a fear that it will come under the scrutiny of the SEC in trying to determine if it is a security. I am avoiding BNB. Likewise, I sold all of my ETH over the past 6 months or so and have no intention of getting back in as balls deep in that project as before. My goal was to accumulate enough to run my own node (and I wasn't far off) but I've backed out of that. When I do buy back in it will just be a small part of my high risk portfolio, about 6% in total.
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Bill Ackman gets it:
https://news.coincu.com/146824-bill-ackmans-crypto-needs-to-self-police/
I'm not sure if the average person (and I include myself in there) is capable of the due diligence required that could prevent an FTX type loss - look at all the big names caught up in the drama as an example of so-called experts getting robbed - but it's a sound reminder if you don't understand something, don't invest in it.
https://news.coincu.com/146824-bill-ackmans-crypto-needs-to-self-police/
I'm not sure if the average person (and I include myself in there) is capable of the due diligence required that could prevent an FTX type loss - look at all the big names caught up in the drama as an example of so-called experts getting robbed - but it's a sound reminder if you don't understand something, don't invest in it.
big players got greedy chasing yield and trusting centralised entitites and people, basic crypto principles were ignored. not your keys not your coins and dont trust, verify are still valid and have not failed. dont trust centralised non transparent entities, another lesson that should have been learned from mt gox.
Yep, doesn't sound like complicated due diligence to me.
FTX had the consent of the politically influential, had the ears of government regulators, had the funding and support of some of the highest profile fund managers in the crypto/tech industry, audits conducted were passed and while I'm no expert on law their TOS clearly state:
snip
https://help.ftx.com/hc/en-us/article_attachments/9719619779348/FTX_Terms_of_Service.pdf
Now I'm not up to date on the FTX thing because I wasn't directly affected, but how does a company that clearly states in its TOS that your assets will only ever be held by FTX lend them to other entities? And back to the "uncomplicated" due diligence thing, how is the average person who after doing the obvious due diligence stuff that we all engage in and after witnessing the industry and regulatory support the exchange had, is then expected to go and buy a crystal ball that will enable them to look with clarity into the future and get a perfect view of the fraud that will play out.
Very easy to say that due diligence is uncomplicated. Very easy to say it's Mt Gox all over again. But fraud generally happens when it's difficult to spot beforehand, yet plainly obvious afterwards.
Sometimes it's necessary to keep funds on exchanges.
Fair points. Obviously a bit tongue-in-cheek but the shitbags at the top haven't changed a lot since previous boom-bust cycles just more money and better at pretending to have integrity with some token regulation and fancier marketing. Past experience doesn't equal due diligence, I get it.
How could Alan and Shazza get it soooo wrong!
https://www.abc.net.au/news/2022-11...digital-surge-smsf-super-retirement/101708328
MacAfee can continue to feast on his own dick in hell.
How could Alan and Shazza get it soooo wrong!
https://www.abc.net.au/news/2022-11...digital-surge-smsf-super-retirement/101708328
MacAfee can continue to feast on his own dick in hell.
Due diligence could have included:
Have any of the team prior experience in managing a financial business?
Do any of the team have prior connections to an online gambling platform that siphoned user's funds?
Have any of the team prior experience in managing a financial business?
Do any of the team have prior connections to an online gambling platform that siphoned user's funds?
TreasureHunter
Well-Known Member
Does this self-bragging "thick skin" arrogant credible? I used to watch his videos for years, but afterwards he was never right:
I think cr*pto is crashing way down and it's not because of the cr*pto market.
People have less money, all markets are going down, people can't afford to gamble.
Less money is circulating on speculative markets due to the crisis.
I think the entire thing is going down. Way way down and not because of crypto.
It doesn't matter that crypto is in a bubble popping, whether it is at the bottom or not. We should watch the entire economy and financial system - AND - most importantly: watch people's behavior (that's what moves everything).
And the overall behavior is towards risk aversion, SAVING, not investing in risky assets.
All speculative markets (crypto especially) are going WAY DOWN. My opinion.
This guy (the vlogger, Alex Becker in the video) thinks it will go lower and we should wait an at the next "pivot dip" we should buy up. He thinks we should put our eyes on what the Fed will do.
I think cr*pto is crashing way down and it's not because of the cr*pto market.
People have less money, all markets are going down, people can't afford to gamble.
Less money is circulating on speculative markets due to the crisis.
I think the entire thing is going down. Way way down and not because of crypto.
It doesn't matter that crypto is in a bubble popping, whether it is at the bottom or not. We should watch the entire economy and financial system - AND - most importantly: watch people's behavior (that's what moves everything).
And the overall behavior is towards risk aversion, SAVING, not investing in risky assets.
All speculative markets (crypto especially) are going WAY DOWN. My opinion.
This guy (the vlogger, Alex Becker in the video) thinks it will go lower and we should wait an at the next "pivot dip" we should buy up. He thinks we should put our eyes on what the Fed will do.
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Speaking of behaviour definitely noticing decline of mental health from people I wouldn't expect. Had to call police today because a trusted supplier just went missing out of nowhere and had been posting some depressing stuff on his facebook about death a few weeks prior, they found him cowering at his Mum's house. He's mid 40's.
In the meantime the younger ones are celebrating mental health issues and promoting/normalising them on linkedin. Most of these people are oxygen wasters at work.
In the meantime the younger ones are celebrating mental health issues and promoting/normalising them on linkedin. Most of these people are oxygen wasters at work.
This is why i dont think Btc will have much behind it through this, because people are broke.
Could take longer to moon than anyone thinks or maybe its glory days are over.
Most people are not sitting on a mound of cash or in a good position excitedly waiting to buy up assets like we are.
Most are watching whats going on without any real conception at all of the seriousness.
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TreasureHunter
Well-Known Member
^
You made a strong point. I've had countless work colleagues struggling with mental issues (some taking pills, others openly admitting they're bipolar, depressive etc.), some of which were undergoing therapy. They caused chaos and conflict at the workplace, which propagated to wider groups.
Many people I've known in my teenage years turned out immature adults with incomplete personalities and unlived lives. Most of them struggle with their own minds more than with the problems of real life.
These people are living in an imaginary world. Some of them are interested in crypto, most of them live on social media and own smart watches and they also use Airbnb and Uber when traveling.
Of course, they have no appreciation for hard assets, have no idea what sound money would be.
The "metaverse" and "crypto" were both invented for these kings of people.
Airbnb and Uber sound amazing. But they're recipes for "renting" things rather than POSSESSING. I used the word "possessing" purposely, because even "ownership" has become corrupted (see: fractional ownership, ETF's, shared ownership...).
"You will own nothing and be happy"
I expect PM's to make a strong comeback in 1-5 years time.
I never believed cryptos will become a safe haven, nor some form of "sound money". Sound money like "tralalala", yes, but not real money. I'm inclined towards Peter Schiff in this.
And yeah, the "metaverse" was invented for poor people who won't possess anything. Won't have lives, relationships, nor sound assets. They will sell their lives for fake pleasures. Then a solar flare will come and take all of that away in a glitch!
With the "metacrap" you can GET A LIFE with crypto. For that, you will pay with your soul, life one way or the other...
Just wait 'til soylent green come out. They're already promoting the consumption if bugs.
I wonder when they will stop using private jets and superyachts?
You made a strong point. I've had countless work colleagues struggling with mental issues (some taking pills, others openly admitting they're bipolar, depressive etc.), some of which were undergoing therapy. They caused chaos and conflict at the workplace, which propagated to wider groups.
Many people I've known in my teenage years turned out immature adults with incomplete personalities and unlived lives. Most of them struggle with their own minds more than with the problems of real life.
These people are living in an imaginary world. Some of them are interested in crypto, most of them live on social media and own smart watches and they also use Airbnb and Uber when traveling.
Of course, they have no appreciation for hard assets, have no idea what sound money would be.
The "metaverse" and "crypto" were both invented for these kings of people.
Airbnb and Uber sound amazing. But they're recipes for "renting" things rather than POSSESSING. I used the word "possessing" purposely, because even "ownership" has become corrupted (see: fractional ownership, ETF's, shared ownership...).
"You will own nothing and be happy"
I expect PM's to make a strong comeback in 1-5 years time.
I never believed cryptos will become a safe haven, nor some form of "sound money". Sound money like "tralalala", yes, but not real money. I'm inclined towards Peter Schiff in this.
And yeah, the "metaverse" was invented for poor people who won't possess anything. Won't have lives, relationships, nor sound assets. They will sell their lives for fake pleasures. Then a solar flare will come and take all of that away in a glitch!
With the "metacrap" you can GET A LIFE with crypto. For that, you will pay with your soul, life one way or the other...
Just wait 'til soylent green come out. They're already promoting the consumption if bugs.
I wonder when they will stop using private jets and superyachts?
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Yes but.
